The Nigeria Customs Service, NCS, has begun the implementation of the zero per cent import duty and Value-Added Tax exemption on essential food items, as approved by President Bola Tinubu.
According to a letter from the Ministry of Finance, dated 8 August 2024, the approval is aimed at reducing the high cost of food items in the Nigerian market.
“This measure which is geared towards ameliorating the high cost of food items in the Nigerian market shall be limited to the national supply gap to be determined by a committee set up by the minister,” said Finance Minister Wale Edun in the letter.
The NCS Comptroller-General, Bashir Adeniyi, has directed officials to enforce the new policy, which restricts imports to investors with milling capacity and a verifiable Backward Integration Programme.
“I am directed to forward herewith a copy of the Federal Ministry of Finance letter, confirming His Excellency, Mr President’s approval for the implementation of zero per cent duty rate and Value Added Tax exemption on some basic food items,” said Deputy Comptroller-General C.K Niagwan in a circular.
The eligible food commodities include maize, husked brown rice, wheat, grain beans, and millet. The policy is effective from 15 July to 31 December 2024.
“The importation of these items shall also be limited to investors with milling capacity and verifiable Backward Integration Programme, BIP, for some of the items,” Edun said.
The BIP is a strategy that encourages companies to source raw materials locally to reduce dependence on imports.
The import duty waiver would lead to a revenue loss of approximately N188 billion for the Nigerian government, according to Adeniyi.
The NCS will work closely with the Ministry of Finance to ensure strict compliance, with the ministry providing a list of approved importers and quotas during the implementation period.
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